by Sean Ungerer | May 30, 2022 | Forestry and Paper
Key w/w moves: Cotton -4%; Polyester 0%; HW DWP +1%; China-origin DWP +0%, medium-grade VSF +1%; and high-end VSF +1% and Lyocell +0%. Cotton’s premium to VSF is 37% (2021 average: 30%) and a 144% premium to polyester (2021 average: 150%). The VSF premium to polyester...
by Sean Ungerer | May 26, 2022 | Forestry and Paper
Slide 0 EBITDA improvement sustained by favourable S/D conditions: This allowed successful price increases across all businesses outweighing rising costs (raw materials, energy, and logistics). Revenue +44% y/y & +3% q/q; EBITDA +72% y/y & +12% q/q, which...
by Sean Ungerer | May 25, 2022 | Forestry and Paper
Pulp prices steady: NOREXECO pulp futures for CY 23E imply a 12-19% decline in Europe, and a decline of 13-17% in China. UTIPULP released March data: European pulp consumption was down 2% y/y (+7% m/m); Inventories -19% y/y (flat m/m); and Inventory days -27% y/y...
by Sean Ungerer | May 24, 2022 | Forestry and Paper
Key w/w moves: Cotton -2%; Polyester -1%; HW DWP +1%; China-origin DWP +2%, medium-grade VSF +1%; and high-end VSF 0% and Lyocell +1%. Cotton’s premium to VSF is 43% (2021 average: 30%) and a 152% premium to polyester (2021 average: 150%). The VSF premium to polyester...
by Sean Ungerer | May 13, 2022 | Forestry and Paper
Q2 was much better than expected: Q2 22A marked the 7th consecutive quarter of improving EBITDA to USD 337mn (24% ahead of CRe) and EPS of USD 0.35/share (44% ahead of CRe). Consequently, net debt was also better than expected, declining by 6% (USD 124mn) q/q to USD...
by Sean Ungerer | May 11, 2022 | Forestry and Paper
Q2 22E results on Thursday 12 May, key numbers to look out for: Q2 to mark the seventh quarter of sequential EBITDA improvement to USD 273mn (+144% y/y and +14% q/q) and EPS of USD 0.24/share. Q1 22A recap (EBITDA: USD 240mn and EPS: USD 0.20/share and net debt/EBITDA...
